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Cryptocurrency News Articles
Bitcoin (BTC) Price Revisits $68.8K Support, Might Attempt a Fresh Increase
May 23, 2024 at 09:25 am
Bitcoin price started a downside correction after it struggled above the $71,500 level. BTC is now testing the $68,800 support and might attempt a fresh increase.
Bitcoin price started a downside correction from the $71,500 resistance zone. BTC is now testing the $68,800 support and might attempt a fresh increase.
Bitcoin Price Revisits Support
Bitcoin price started a downside correction after it encountered strong resistance above the $71,500 level. A new weekly high was formed at $71,896, and the price recently began a downside correction.
The price declined below the $70,000 level and tested the 50% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. There was also a spike below the $68,800 support zone. However, the bulls are currently active near the $68,800 zone.
Bitcoin price is now trading above $68,000 and the 100 hourly Simple moving average. The price is now facing resistance near the $69,650 level. The first major resistance could be at $70,000. There is also a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC/USD pair.
The next key resistance could be at $70,500. A clear move above the $70,500 resistance might send the price higher. In the stated case, the price could rise and test the $71,200 resistance.
If the bulls push the price further higher, there could be a move toward the $71,800 resistance zone. Any more gains might send BTC toward the $72,500 resistance.
Downside Break In BTC?
If Bitcoin fails to climb above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,000 level.
The first major support is at $68,800. The next support is now forming near $67,420 or the 76.4% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. Any more losses might send the price toward the $66,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $69,000, followed by $68,800.
Major Resistance Levels – $70,000, $70,500, and $71,200.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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